Obama's speech today. If you think the bailout is a scam, PLEASE read and reconsider

[scheming daemons]

President-Elect Obama explains it better than any of us ever could:

(annotations) and bold by me

This morning – like so many others over the last few months – we woke up to some very sobering news about our economy. Over the course of a few hours, the failure to pass the economic rescue plan in Washington led to the single largest decline of the stock market in two decades.

Over one trillion dollars of wealth was lost by the time the markets closed on Monday. And it wasn’t just the wealth of a few CEOs or Wall Street executives. The 401Ks and retirement accounts that millions count on for their family’s future are now smaller. The state pension funds of teachers and government employees lost billions upon billions of dollars. Hardworking Americans who invested their nest egg to watch it grow are now watching it disappear.

But while the decline of the stock market is devastating, the consequences of the credit crisis that caused it will be even worse if we do not act and act immediately. (for those who think this crisis is about the stock market)

Because of the housing crisis, we are now in a very dangerous situation where financial institutions across this country are afraid to lend money. If all that meant was the failure of a few big banks on Wall Street, it would be one thing.

But that’s not what it means. What it means is that if we do not act, it will be harder for you to get a mortgage for your home or the loans you need to buy a car or send your children to college. What it means is that businesses won’t be able to get the loans they need to open new factories, or hire more workers, or make payroll for the workers they have. What it means is that thousands of businesses could close. Millions of jobs could be lost. A long and painful recession could follow.

Let me be perfectly clear. The fact that we are in this mess is an outrage. It’s an outrage because we did not get here by accident. This was not a normal part of the business cycle. This was not the actions of a few bad apples. (for those who think this is like 1987)

This financial crisis is a direct result of the greed and irresponsibility that has dominated Washington and Wall Street for years. It’s the result of speculators who gamed the system, regulators who looked the other way, and lobbyists who bought their way into our government. It’s the result of an economic philosophy that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else; a philosophy that views even the most common-sense regulations as unwise and unnecessary. And this economic catastrophe is the final verdict on this failed philosophy – a philosophy that we cannot afford to continue.

But while there is plenty of blame to go around and many in Washington and on Wall Street who deserve it, all of us now have a responsibility to solve this crisis because it affects the financial well-being of every single American. There will be time to punish those who set this fire, but now is the moment for us to come together and put the fire out. (holy shit! Obama reads DU!)

This is one of those defining moments when the American people are looking to Washington for leadership. It is not a time for politics. It is not a time for partisanship. It is not a time to figure out how to take credit or where to lay blame. It is not a time for politicians to concern themselves with the next election. It is a time for all of us to concern ourselves with the future of the country we love. This is a time for action.

I know that many of you are feeling anxiety right now – about your jobs, about your homes, about your life savings. But I also know this – I know that we can steer ourselves out of this crisis. Because that’s who we are. Because this is the United States of America. This is a nation that has faced down war and depression; great challenges and great threats. And at each and every moment, we have risen to meet these challenges – not as Democrats, not as Republicans, but as Americans. With resolve. With confidence. With that fundamental belief that here in America, our destiny is not written for us, but by us. That’s who we are, and that’s the country we need to be right now.

This is no longer just a Wall Street crisis – it’s an American crisis, and it’s the American economy that needs this rescue plan. I understand why people would be skeptical when this President asks for a blank check to solve a problem. I’ve spent most of my time in Washington being skeptical of this Administration, and this time was no different. That’s why over a week ago, I demanded that this plan include specific proposals to protect American taxpayer – protections that the Administration eventually agreed to, as well as Democrats and Republicans in Congress.

First, I said we needed an independent board to provide oversight and accountability for how and where this money is spent at every step of the way.

Second, I said that we cannot help banks on Wall Street without helping the millions of innocent homeowners who are struggling to stay in their homes. They deserve a plan too.

Third, I said that I would not allow this plan to become a welfare program for the Wall Street executives whose greed and irresponsibility got us into this mess.

And finally, I said that if American taxpayers are financing this solution, then you should be treated like investors – you should get every penny of your tax dollars back once this economy recovers.

This last part is important, because it’s been the most misunderstood and poorly communicated aspect of this entire plan. This is not a plan to just hand over $700 billion of your money to a few banks on Wall Street. If this is executed the right way, then the government will temporarily purchase the bad assets of our financial institutions so that they can start lending again, and then sell those assets once the markets settle down and the economy recovers. If this is managed correctly, we will hopefully get most or all of our money back, or possibly even turn a profit on the government’s investment – every penny of which will go directly back to you, the investor. And if we do have losses, I’ve proposed to institute a Financial Stability Fee on the entire financial services industry so that Wall Street foots the bill – not the American taxpayer. I’ve also said that if I’m President, I will review the entire plan on the day I take office to make sure that it is working to save our economy and that you are getting your money back.

Even with all these taxpayer protections, I know that this plan is not perfect or fool-proof. No matter how well we manage the government’s investments under this plan, we are still putting taxpayer dollars at risk. I know that there are Democrats and Republicans in Congress who have legitimate concerns about this, and I know there are many Americans who share those concerns.

But I also know that we can’t afford not to act. Both parties are close to accepting this plan, and over the next few hours and days, we should seek out any new ideas that might get this done. This morning, I proposed one such idea that might increase bipartisan support for this plan and shore up our economy at the same time: expanding federal deposit insurance for families and small businesses across America who have invested their money in our banks.

The majority of American families should rest assured that the deposits they have in our banks of up to $100,000 are still guaranteed by the federal government. That guarantee is more than adequate for most families, but it is insufficient for many small businesses to meet their payroll, buy their supplies, and create new jobs. The current insurance limit of $100,000 was set 28 years ago and has not been adjusted for inflation. I’ve proposed raising the FDIC limit to $250,000 – a step that would boost small businesses, make our banking system more secure, and help restore confidence by reassuring families that their money is safe.

That’s one idea. If there are others that can help shore up support for this plan and shore up our economy, I encourage Democrats and Republicans to offer them. But we must act and we must act now. We cannot have another day like yesterday. We cannot risk another week or another month where American businesses are afraid to extend credit and lend money. That is not an option for this country.

For the rest of today and as long as it takes, I will continue to reach out to leaders in both parties and do whatever I can to help pass a rescue plan. To the Democrats and Republicans who opposed this plan yesterday, I say – step up to the plate and do what’s right for this country. (He's talking to you, DU) And to all Americans, I say this – if I am President of the United States, this rescue plan will not be the end of what we do to strengthen this economy – it will only be the beginning.

People have asked whether the size of this plan, together with the weakening economy, means that the next President will have to scale back his agenda and some of his proposals. The answer is both yes and no. With less money flowing into the Treasury, it is likely that some useful programs or policies that I’ve proposed on the campaign trail may need to be delayed. And I’ve said that as President, I will go through the federal budget, line by line, eliminating programs that no longer work and making the ones we do need work better and cost less.

But there are certain investments in our future that we cannot delay precisely because our economy is in turmoil. You can always put off giving your house a new paint job or renovating your kitchen, but when your roof is crumbling or your heater goes, you realize that these are long-term investments you need to make right away.

The same is true of our economy. We cannot wait to help Americans keep up with rising costs and shrinking paychecks by giving our workers a middle-class tax cut. We cannot wait to relieve the burden of crushing health care costs on families, businesses, and our entire economy. We cannot wait to create millions of new jobs by rebuilding our roads and our bridges and investing in the renewable sources of energy that will stop us from sending $700 billion a year to tyrants and dictators for their oil. And we cannot wait to educate the next generation of Americans with the skills and knowledge they need to compete with any workers, anywhere in the world. Those are the priorities we cannot delay.

As soon as we pass this rescue plan, we need to move with the same sense of urgency to rescue the families on Main Street who are struggling every day to pay their bills and keep their jobs. I’ve said it before and I’ll say it again: we need to pass an economic stimulus plan that will help folks cope with rising food and gas prices, save one million jobs by rebuilding our schools and roads, and help states and cities avoid budget cuts and tax increases. A plan that would extend expiring unemployment benefits for those Americans who’ve lost their jobs and cannot find new ones.

Beyond this immediate stimulus that I’ve called on both parties and the President to pass, we need an economic agenda to restore opportunity for Americans and prosperity to America. We need policies that will grow this economy from Main Street to Wall Street and everywhere in between – so that the 21st century is another American century. So that we’re not borrowing debt from China and buying oil from Saudi Arabia. So that the jobs of the future don’t go to better-educated workers in India and the cars of the future aren’t made in Japan. So that we can leave a legacy of greater opportunity to our children and their children. That is how we will emerge from this crisis stronger and more prosperous than we were before, and that is what I will do as President of the United States.

I will begin by reforming our tax code so that it doesn’t reward the lobbyists who wrote it, but the American workers and small businesses who deserve it. I will eliminate capital gains taxes for small businesses and start-ups, so that we can grow our economy and create the high-wage, high-tech jobs of tomorrow.

I will cut taxes – cut taxes – for 95% of all workers and their families. And if you make less than $250,000 a year, you will not see your taxes increase one single dime – because in an economy like this, the last thing we should do is raise taxes on the middle-class.

I will reform our health care system to relieve families, businesses, and the entire economy from the crushing cost of health care by investing in new technology and preventative care. If you have health care, my plan will lower your premiums. If you don’t, you’ll be able to get the same kind of coverage that members of Congress give themselves. And I will stop insurance companies from discriminating against those who are sick and need care the most.

To create new jobs, I’ll invest in rebuilding our crumbling infrastructure – our roads, schools, and bridges. We’ll rebuild our outdated electricity grid and build new broadband lines to connect America. And I’ll create the jobs of the future by transforming our energy economy. We’ll tap our natural gas reserves, invest in clean coal technology, and find ways to safely harness nuclear power. I’ll help our auto companies re-tool so that the fuel-efficient cars of the future are built right here the United States of America. I’ll make it easier for the American people to afford these new cars. And I’ll invest 150 billion dollars over the next decade in affordable, renewable sources of energy – wind power and solar power and the next generation of biofuels; an investment that will lead to new industries and five million new jobs that pay well and can’t ever be outsourced

And if I am President, I will meet our moral obligation to provide every child a world-class education, because it will take nothing less to compete in the global economy. I’ll invest in early childhood education. I’ll recruit an army of new teachers, and pay them higher salaries and give them more support. But in exchange, I will ask for higher standards and more accountability. And we will keep our promise to every young American – if you commit to serving your community or your country, we will make sure you can afford a college education.

Finally, I will modernize our outdated financial regulations and put in the place the common-sense rules of the road I’ve been calling for since March – rules that will keep our market free, fair, and honest; rules that will make sure Wall Street can never get away with the stunts that caused this crisis again. And I will take power away from the corporate lobbyists who think they can stand in the way of these reforms. I’ve done it in Illinois, I’ve done it Washington, and I will do it again as President.

These are the changes and reforms that we need. Bottom-up growth that will create opportunity for every American. Investments in the technology and innovation that will restore prosperity and lead to new jobs and a new economy for the 21st century. Common-sense regulations for our financial system that will prevent a crisis like this from ever happening again.

I won’t pretend this will be easy or come without cost. We will all need to sacrifice and we will all need to pull our weight because now more than ever, we are all in this together. What this crisis has taught us is that at the end of the day, there is no real separation between Main Street and Wall Street. There is only the road we’re traveling on as Americans – and we will rise or fall on that journey as one nation; as one people.

This country and the dream it represents are being tested in a way that we haven’t seen in nearly a century. And future generations will judge ours by how we respond to this test. Will they say that this was a time when America lost its way and its purpose? When we allowed our own petty differences and broken politics to plunge this country into a dark and painful recession?

Or will they say that this was another one of those moments when America overcame? When we battled back from adversity by recognizing that common stake that we have in each other’s success?

I believe that this is one of those moments. I know that many of you are anxious about your future and the future of this country. I realize that you are cynical and fed up with politics. I understand that you are disappointed and even angry with your leaders. You have every right to be. But despite all of this, I ask you to believe – believe in this country and your ability to change it. I ask you what has been asked of the American people in times of trial and turmoil throughout our history – what was asked at the beginning of the greatest financial crisis this nation has ever endured. In his first fireside chat, Franklin Roosevelt told his fellow Americans that “..there is an element in the readjustment of our financial system more important than currency, more important than gold, and that is the confidence of the people themselves. Confidence and courage are the essentials of success in carrying out our plan. Let us unite in banishing fear. Together, we cannot fail.”

America, together, we cannot fail. Not now. Not when we have a crisis to solve and an economy to save. Not when there are so many Americans without jobs and without homes. Not when there are families who can’t afford to see a doctor, or send their child to college, or pay their bills at the end of the month. Not when there is a generation that is counting on us to give them the same opportunities and the same chances that we had for ourselves. Now is the time to make them proud of what we did here. Let’s give our children the future they deserve, and let’s act with confidence and courage to show the world that at this moment, in this election, the United States of America is still the last, best hope of Earth. Thank you Nevada, God bless you, and may God bless America.

[ClarkUSA]

1. Good idea to post this...it was a terrific explanation of what's going on and what needs to be done.

Maybe now the low-information Chicken Littles will calm down long enough to learn something.

[defendandprotect]

2. dupe--

[grantcart]

3. perhaps his best campaign speech ever

[goclark]

13. I agree

[jacksonian]

45. i agree three

maybe one of the best economic speeches I've ever heard in my life.

[Emit]

46. I saw it - just got back

phew!

[defendandprotect]

4. We need REMEDY, Re-REGULATION...breaking up these monopolies ---

Paulson pulled $700 Billion figure out of air --

How much have we already given with no controls?

$FED gave them $630 BILLION yesterday BEFORE the vote --!!

Why is FED running the country --???




See Kuchinich thread/video on this w/Amy Goodman --

See Wm Greider/The Nation comments on this --

See Daily Kos --


http://www.dailykos.com /

[blondeatlast]

8. You didn't read the transcript--but keep spamming anyway... nt

[defendandprotect]

16. I heard what Obama said yesterday....So did Kucinich & Greider hear it --

Let's nationalize the banks and restructure all of this ---

Bail out after bail out is simply destroying Treasury and democracy --

FED gave them $630 BILLION yesterday -- BEFORE the vote--!!!

[blondeatlast]

17. You didn't read the speech and you're spamming.

He addressed it in the speech.

[defendandprotect]

30. I've read it and it's fear-based ... remedy is good ... but overall naive ---

FDIC to $250,000!!!

I think he missed the S&L theft and embezzlements...!!!

Nationalize the banks - bank holiday - but read Kucinich on what deals

Bush has beern making to "manufacture" this ...

[blondeatlast]

32. I read Kucinich and I read Krugman; one of them knows this mess a whole lot better than the other.

Kucinich has a point--if we weren't in a real crisis, but we are.

the adults take charge in January; let's hope we have an economy by then and we can fix it even better.

[defendandprotect]

39. THIS may be why ...

Read what he said...
maybe the crisis was given a little push, possibly to push through this bill.

"...AMY GOODMAN: Congressman Kucinich, what happens if this doesn’t pass?


REP. DENNIS KUCINICH: Well, that’s exactly right. I mean, we need to be ready with plan B, which helps Wall Street restrain some of this bad conduct, which immediately, you know, puts—looks at some of the issues of liquidity that have to do with the policies of the Fed. We had a former head of the FDIC tell a group of congressmen yesterday that the Bush administration has been going around the last few weeks, actually, so tightening up on the practices of banks that they’re forcing them to have bigger reserves, which in a way would, you know, kind of create—help to create the kind of tight money policies that we’re saying we’re trying to alleviate with this bill. So, you know, there needs to be a deeper look at this.


It seems to me there’s a possibility that this crisis has a little bit of manufacture to it. And that really concerns me..."

[truedelphi]

95. Kucinich has helped me with maintaining the lil bit of sanity I still have

The economy has been unravelling for months and months. And why the TAXPAYERS must fork over another 770 Bilion - without the COngress And the Senate really putting together an excellent and comprehensive solution - JEESH!

We saw the damage that rushing off to Iraq ended up doing. The financial bill can be worked on and perfected. Nothing is going to be so bad that one more week will make much of a difference.

Plus astrologically, a bill formulated in the latest waning opposition of an old moon would have simply let the greed and the pestilence eat away even more at the damaged crop of an economy.

[defendandprotect]

100. Greider also made sensible proposals .. not just throwing money at them ---

[truedelphi]

157. Have you heard how there are tools to help in a crissis of this nature

That most in the House and senate are not even thinking of meploying

Issa, a republican I normally cannot stand, kept talking about this the other day.

He thinks the notion of just handing over a sum of money is rather pathetic.

People say, well now there are protections. Not really - there is, jsut as we sw withthe war in Iraw - no plan.

Just do IT! Do not bother to define IT!!

[truedelphi]

158. Have you heard how there are tools to help in a crissis of this nature

That most in the House and senate are not even thinking of meploying

Issa, a republican I normally cannot stand, kept talking about this the other day.

He thinks the notion of just handing over a sum of money is rather pathetic.

People say, well now there are protections. Not really - there is, jsut as we sw withthe war in Iraw - no plan.

Just do IT! Do not bother to define IT!!

[pnwmom]

67. I think Krugman makes sense on this. I'd like to think this was only

a devious political ploy, but it isn't. It's just one more case of the Rethugs trying to take full political advantage of a REAL crisis.

[1corona4u]

14. You're spamming....

*ignore*


Ahh....that's better.

[pnwmom]

58. Obama knows that. But the fire has to be put out before the rebuilding

can be done -- with a much stricter fire code.

[blondeatlast]

65. The poster loves it some Bev Harris.

That's all you need to know.

[defendandprotect]

107. No...we've already had bail out after bail out -- how have you missed that???

These companies have to be broken up -- and surtaxes assessed on trades IMMEDIATELY --

Tax Wall St --not citizens ...

[earth mom]

147. Damn straight. Truth hurts around here, but Obama is one of them.

Do people around here realize how much money financial institutions have donated to his campaign?

MILLIONS!!!

OF COURSE Obama is going to support whatever they want to do.

Wake up people! Big Business owns the government, and they are protecting their interests, NOT THE PEOPLE!!! :grr:

[graywarrior]

5. An explanation I can understand.

Nice.

[JuniperLea]

6. There is still great risk...

There's no guarantee the markets will recover to the extent that a payback will happen.

[scheming daemons]

9. SOME percentage will be paid back. Maybe not all $700B.... but at least $500B.....

[defendandprotect]

19. dupe

[defendandprotect]

20. Meanwhile, we're borrowing the $$ from Saudis...and who else??

China doesn't want to play anymore ...

Wall St itself has to pay for their "adventures" ...'?

Bail out from the bottom up ---

[JuniperLea]

74. From whom are we borrowing the $700billion? eom

[defendandprotect]

104. Saudis, I've read ... think China is getting shy ---

[JuniperLea]

123. That's what I've read too

And I think further indebtedness to the Saudis is a very bad thing.

[gmudem]

149. If Wall Street gets screwed, Main Street will be screwed even harder

Unfortunately this crisis is not affecting just Wall Street. Regular people have their savings, investments, etc. tied up in Wall Street. And the state of Massachusetts was unable to secure enough money for the routine payments it makes to its cities and towns 4 times a year yesterday. They needed 400 million and only got 170. People who are so obsessed with punishing CEO's are ignoring how this is going to affect a whole lot of people who are not CEO's.

[Captiosus]

27. Unless, of course

Consumer debt turns the corner, too, as a handful of economists are predicting will happen by the end of this calendar year or by the end of Q1 2009. Then the banks will be left holding almost 1 Trillion more in bad assets, will be illiquid again, and consumers won't be able to get ANY lines of credit so mortgages will go bust again. Then what?

Do we need legislation to prevent a credit freeze? Yes.
But yesterday's bill was NOT the answer. It was a larger version of the original Paulson bill with bloated oversight that had no real enforcement, but ultimately still let the President and the Treasury Secretary have a nice taxpayer funded firesale with no real direction on where funds were going.

Maybe the next bill will be better. I'm not holding my breath, however.

[JuniperLea]

75. Exactly

This is a band aid no matter how you slice it. We need to fix the problem first, or we do this time and time again.

[JuniperLea]

73. Your $500 billion figure isn't based on anything real...

These are junk mutuals we're talking about.

[anigbrowl]

150. Predictions are difficult, especially about the future

They're not total junk, because they are ultimately secured by real property and over time we can expect the historical upward trend in property prices to reassert itself due to demographic pressures.

[goclark]

15. So we should do what with this that is not a risk?

I believe that he is telling us the best way out.
That doesn't mean the road will be rosy ~ he did not put us on this road now he is trying to get us out.

[JuniperLea]

76. If we bailout now, we do it again every 10 years...

We need to fix the problem.

[amandabeech]

111. Yes, this is becoming a decennial thing,

and this bill only facilitates the moral hazard.

Obama's a smart guy. He can come up with something better.

[JuniperLea]

121. I think so too

I think he's caught up in politicking to the point of being afraid he'll lose votes if he goes too "extreme". Personally, I think we're way past that. And the longer McCain and Palin have to flap their jaws, the better Obama looks.

[amandabeech]

124. I think that he currently has unimaginative economic advisers. n/t

[PVnRT]

25. Anything we do will be a risk...

Pick your poison. If a Democratic plan doesn't get passed this week, you can bet a Republican one will be shoved through, that will just make things worse.

Biden knows this financial shit. Come January, I can virtually guarentee Obama will sic him on this mess.

[Nicholas D Wolfwood]

35. I seem to read that he acknowledges that fully....

Can you read?

[JuniperLea]

77. I'm quoting him, oh snark ass...

Can you read? :eyes:

[Nicholas D Wolfwood]

108. So what, exactly, was your fucking point?

Do you even have one?

[pnwmom]

60. And there is even greater risk if we do nothing. n/t

[JuniperLea]

78. If that were so, Congress would not be on break right now...

Bush is lying.

[abumbyanyothername]

94. There is really no risk.

The government can reignite a demand for housing by allowing more immigrants.

This will also help with Social Security, btw.

[tandot]

7. Great speech! K & R

[1776Forever]

10. Right on Barack!

As he stated:

America, together, we cannot fail. Not now. Not when we have a crisis to solve and an economy to save. Not when there are so many Americans without jobs and without homes. Not when there are families who can’t afford to see a doctor, or send their child to college, or pay their bills at the end of the month. Not when there is a generation that is counting on us to give them the same opportunities and the same chances that we had for ourselves. Now is the time to make them proud of what we did here. Let’s give our children the future they deserve, and let’s act with confidence and courage to show the world that at this moment, in this election, the United States of America is still the last, best hope of Earth.

[blondeatlast]

11. Paragraphs 4 & 5 are the crux of it. Yes, middle America, it will hurt YOU if it isn't fixed. nt

[defendandprotect]

21. That's why we need a "bottom up" bail out with strong remedy ...

and re-regulation for Wall St --

and surtaxes for repayment ---

REREGULATE ....

and if worsens, nationalize banks --

Bush has worked to destroy our economy --

BANKRUPT the Treasury --

[FrenchieCat]

12. This was certainly one of his best speeches.......

Especially now.

Did it show on Television? I was watching it via the Obama site.

[ejpoeta]

38. i watched it on cnn

i don't know if msnbc played it.

[FrenchieCat]

51. The whole thing?

Cause that would be unusual!

[ejpoeta]

155. i am not sure. i don't get to sit for long and watch all of anything.

i have kids and they don't understand the concept of hey i'm watching obama speak. LOL! they want what they want, or i have to keep them from killing each other.... that sort of thing. my 3 year old has recently discovered hitting and pinching and kicking. and she likes to go after her sister. she must really enjoy having time outs.

[jesus_of_suburbia]

18. Thanks for posting; I believe Obama is correct.

[BklynChick]

22. great job in explaining the problem and what we can do about it, while retaining the rage we all fee

[RedEarth]

23. Thanks for posting.... hopefully this will help enlighten some people

[Median Democrat]

24. Education - Unlike McCain Who Is Dishing Out Blame, Obama Explains Its Impact On Americans

This is the one thing Obama is doing better than Bush or McCain. Bush can't be trusted, and McCain has difficulty understanding the problem himself.

[Batgirl]

26. kick for Obama

he is good.

[msallied]

28. MAJOR kickage. And Obama most definitely reads DU. :)

[GetTheRightVote]

29. Great speech, good words, but I for one am not willing to fall on my sword for Wall Street

It does not make logical sense to me to give such a large amount of money (tax payer money) to the same people who put us here in the first place. All it comes to is good money after bad which only becomes bad its self. I am not willing to bet on these folks for any amount, not even a dime from my own pocket book. We can not trust them and they have proven that for us.

:grr:

[msallied]

33. How can you say what you just said if you had read the speech??

[blondeatlast]

34. +1.

I think he speaks "truthiness..."

[johnlal]

37. Because even though Obama is our guy...

He's still a member of the do-nothing Congress that helped Bush roll over us for all these years.

[msallied]

44. So you're casting a vote for a guy you don't even believe in. Got it.

[johnlal]

47. What other Democrat is running?

I don't guess you want to talk me out of voting for him, do you?

[msallied]

49. No, my question is if you don't think that anyone can solve this crisis

then why are you even here? Is it to complain? To spread unhelpful rhetoric?

Simply put: your attitude helps nothing.

[johnlal]

50. Skepticism helps

When politicians propose to spend hundreds of billions of dollars on a plan that, admitedly, may or may not work. Just because Obama says it, doesn't mean it's so.

[msallied]

52. No, there is a difference between skepticism and pigheadedness.

[johnlal]

57. I'm not so sure.... n/t

[defendandprotect]

126. Look.. this is more of the "if you don't support my view you're not a patriot" crap ---

A complainer ...?

Maybe a right-winger in disguise -- ???

Stop the puerile nonsense ---

The truth is obama isn't a populist --

Wall St $ talks in his campaign .. Rubin .. Emmanuel/DLC ---

How many bail outs?

$630 BILLION yesterday --!!!

[mirrera]

161. Thank you. Now we can't disagree? Sheesh.

Obama talks about what he is going to do next after this passes. Is he kidding? What good bills pass without the Resident vetoing them? I appreciate your skepticism. That is what makes us not Republicans. We look for truth not just scoring one for our team.

The administration is like a bunch of kids who broke into your house while you were gone and had an 8 year party by selling your stuff. You come home and instead of being contrite, they want you to buy the next keg.

If Obama thinks this needs to be done quickly, than get ALL the regulations we need first. I always did better shopping with my sons if I promised them a toy after they behaved well.

After, when we got to the car and I was sure.

I did not give them a toy on the way in on a promise. I knew the temptation would be too great once the toy got old, like in 5 minutes.

This administration is STILL IN CHARGE! Nothing they administer can be good for us.

I LOVE Obama, but I disagree with him.

[scheming daemons]

41. You didn't read the speech.

It's clear.

[CreekDog]

53. You're funny. You think not passing this saves taxpayer dollars.

It doesn't.

If banks fail, FDIC insures them, if the FDIC runs out of money, it will be backed by the full faith and credit of the US Government (that's you buddy). More banks failing costs *you* more than fewer banks failing. This legislation spends less money to avoid bank failures than the government will have to pony up to cover failed banks.

Do you understand that? Or perhaps better, are you willing to understand that?

[johnlal]

55. The FDIC is only on the hook up to $100,000.00

per account. The FDIC is not going to address the real money in this bank failure.

[CreekDog]

59. And how much is 100k/250k for IRA's going to cost?

you think it will be less than the 250 billion proposed to keep the banks from failing?

you act like it won't be that costly because we are only covering up to 100k (but actually you aren't fully right on that, it's 250k for IRAs). FDIC doesn't have nearly the funds to cover this and that will come from you and I.

[pnwmom]

61. And even then doesn't have nearly enough money if banks continue to fail.

Ironically, raising the limit would lower the risk because of the psychological boost it would give -- people would be much less likely to get involved in a run on the banks.

[defendandprotect]

128. Obama wants to increase that to $250,000 ---!!!! Putting us all a bit more on hook ...

[1corona4u]

69. Wow...I hope you don't get laid off....

I for one, don't want my taxes going towards your unemployment check.

[rebel with a cause]

70. There is a saying that fits your post.

It is: You are cutting off your nose to spite your face.

[PVnRT]

31. A great speech. Obama is treating people like adults.

[johnlal]

36. Congress is going to do what it wants to anyway...

Since when are they worried about what the average American wants? Did they ask our permission before they attacked Iraq?

[nolabels]

40. This does not sound like a good sell job to me

A lot of promises and no real change. Anybody that has purchased anything of substantial value (or least paid for something that cost a large amount)knows the people after that money will tell you just about anything to get you to buy into what ever they are selling. We the people are asking what will everybody get if we agree with the plan. Their answer is MORE OF THE SAME. To that we should say NO, no matter who is trying to sell it. That is how it works if you don't want more of the same. It's not all that complicated :shrug:

[scheming daemons]

42. Did you read the whole speech?

[nolabels]

63. Yes, he says he wants all these things but that is lip service.

Unless a good part of them issues and items are included into the rescue, bail-out, re-boot or what ever else they are calling it Bill, then supporting would be just asking for more of the same. Even if he was even president now he could not make such things so, it takes a congress to put it into the bill.

[pnwmom]

64. I suspect most people criticizing it didn't. n/

[defendandprotect]

129. Exactly --

[pansypoo53219]

43. georgee left this to metastasize.

to MAKE it an emergency. put a hold on foreclosures and do it AFTER the election.

[MyNameGoesHere]

48. Well now then why just 700 bill? I say we should throw more money, more money,

and more money at this issue. Stop being namby pambies and get out that wallet now. Make it go away throw more money at it. dammit.

[renie408]

62. We are going to 'spend' the money one way or another.

Yesterday the market lost over a trillion dollars in value. Where do you think that money comes from? Do you think that kind of loss doesn't effect us all? This is a case of DEGREES. This country is going to hurt for the next ten years, minimum. We can either hurt A LOT for a long time, or moderately for a shorter time. This means YOU. YOU. YOUR FAMILY. Your parents. Your kids. Period. You are going to hurt like the rest of us. We may not have contributed to the problem, but it is going to hurt US. Is that fair? Shit no. But you know, life rarely is. The thing now is to deal with it.

[MyNameGoesHere]

159. Yes and i have full faith that all these corporations that will be bailed out

will in turn help out the folks that are being hit the worse. Corporations are altruistic and always have the good of mankind as their first order of business.

[maui9002]

54. Goodness, Gracious; he's channeling FDR

What a great speech--hope it's on YouTube or CSPAN later; I've been stressing about this crisis and reading that speech reassured me. We have to elect this man.

And thanks for sharing that with us.

[amandabeech]

112. This is not FDR.

This is Bob Rubin.

[defendandprotect]

116. True....

[amandabeech]

125. Thanks. There are a few of us sane people still here.

Good to hear from another one.

[maui9002]

141. Nonsense

First, the point was that Barack Obama, in a time of crisis, did two things a President needs to do in a time of crisis: (1) explain a complex problem with simple language that everyone can understand without being condescending; and (2) reassure the American people rather than scare the beejeezus out of the them. Go read or listen to FDR's first fireside chat, which I'd read and cited in another post today right before I made the post in this thread, and you'll see the similarities. As for the substance of the argument, I'll just leave it at this: most all of the "sane" people who are against this bill consistently misrepresent what's in the bill and, at least to me, demonstrate a shocking lack of understanding of our economic system, and most of the people I respect as having considerable knowledge about the economic system are for the bill (people like Warren Buffett, Steven Pearlstein, Robert Rubin (who, despite your obvious dislike, was largely responsible for the economic boom during the Clinton years), and Paul Volcker, among others. On economic issues, I'll take my lead from these guys rather than Dennis Kucinich, Thom Hartmann, and Ralpy Nader.

[bvar22]

56. Of course Obama is backing a Wall St Bailout !

Financial industry big houses have contributed almost twice in funds to Democratic presidential nominee Barack Obama in comparison to his Republican rival John McCain.


For both candidates, Wall Street's investment and banking sectors have become among their portliest cash cows...


"No matter who wins in November, Wall Street will have a friend in the White House," said Massie Ritsch of the Center for Responsive Politics, which crunched the data for The Daily News.

http://www.newstrackindia.com/newsdetails/4517

Barack Obama rakes in millions from law firms serving the interests of Wall Street, including the financial institutions that gave us the subprime lending crisis.

http://www.blackagendareport.com/index.php?option=com_content&task=view&id=613&Itemid=1

While I totally support the election of Obama, I do NOT suffer from the delusions that Obama is a Progressive, a Populist, or even a Liberal. Obama is a Free Market "Centrist" who will increase the Military Budget, cater to BIG BUSINESS, protect our Financial (Big Bank) System, and expand the War on Terror. Those expecting REAL changes are going to be sadly disappointed, and should start their Prozac today.

Never-the-Less, it is critically important that we get Obama elected....
THEN, the REAL work begins.

[ProSense]

72. Stop posting BS propaganda. n/t

[bvar22]

109. Is the TRUTH now considered "propaganda" by some on DU?

What specifically do you disagree with?

*That Obama has taken $Millions from Wall Street?

*That Obama is a "Centrist" with the full ensorsement of the DLC/AIPAC?

*That Obama supports "Free Trade"?

*That Obama has said he will increase the size of the military and expand the War in Afghanistan?

What exactly do you think is not true?

I fully support the election of Obama, but I refuse to ignore REALITY.

The FACT that Obama receives Millions from Wall St should make anyone discount his endorsement of a Bailout for Wall St.

On this issue, I tend to trust the people who don't have a financial stake in the Wall St Bailout, or strong money ties to the people who will be receiving $700Billion dollars of our children's money.

Call me jaded, but I've been to too many carnivals, and played 3-Card Monty in Times Square too many times, and voted in too many elections to give BLIND trust to any politician.
FOLLOW THE MONEY!!!!!

[defendandprotect]

134. Quite right---!!! And they don't want to hear ANY truth -

[crossroads]

66. Bravo Obama! Something for us all to ponder!

An excellent assessment of this bailout situation that most thinking Americans can understand! Thank you for posting this and my thanks to Obama for making the speech! One of his best speeches ever imo!
CR

[mzmolly]

68. Perhaps the most important point:

"This last part is important, because it’s been the most misunderstood and poorly communicated aspect of this entire plan. This is not a plan to just hand over $700 billion of your money to a few banks on Wall Street. If this is executed the right way, then the government will temporarily purchase the bad assets of our financial institutions so that they can start lending again, and then sell those assets once the markets settle down and the economy recovers. If this is managed correctly, we will hopefully get most or all of our money back, or possibly even turn a profit on the government’s investment – every penny of which will go directly back to you, the investor. And if we do have losses, I’ve proposed to institute a Financial Stability Fee on the entire financial services industry so that Wall Street foots the bill – not the American taxpayer. I’ve also said that if I’m President, I will review the entire plan on the day I take office to make sure that it is working to save our economy and that you are getting your money back."

If we keep calling it a bailout, we will not get support for any plan.

[blondeatlast]

79. I'm trying to think of something, I really am. The media started the "bailout" meme; it'll

be very hard to roll it back.

To some it may seem silly, but ti's true. We need to rename it with something the media will pick up on--and I hate to say it, but a nice acronym will be helpful in that regard.

[mzmolly]

82. I love the acronym idea.

:hi: I also agree, it's not silly. Yes some will still view it as a bailout, but if we can communicate that the original "bailout plan" was rejected and we opted for a new "Taxpayer Equity Plan" instead, it's a start.

Hey now about the "TAP plan?" What's a word for equity that starts with A? ;)

[blondeatlast]

86. Accrual? Activation? Gotta brainstorm that one; I'm off to my "thinking throne" now...

:rofl:

[mzmolly]

88. LOL

I like accrual! :hi:

[Just Visiting]

85. This is just malarkey!

It truly is. Do you remember Resolution Trust from the S&L bailout? Everyone trumpets that as some great success, and the "model" for this giveaway. Well, RTC took in about 550B in bad real estate (for the most part). Due to the backlog at that point, it took almost 10 years to clear it out. They got 125B for it.

A net LOSS of over 375B over ten years, and that is not accounting for inflation.

Now, 20 yeas later, with all the supposed rules to make sure it never happened again, it's happening again. And the solution? The same thing as before, only know you've got folks who want to make REAL big money off the giveaway. Because this time the problem isn't credit, the problem is debt. Obama doesn't get it, you don't get it, the folks protecting their own hides in Congress don't get it (well, they might, but they don't care). But the folks with their hands out waiting to run off with the loot? You bet your ass THEY get it.

You'll wonder over a $20 loaf of bread why anyone didn't see it coming.

[mzmolly]

87. Welcome. I prefer "mullarkey"

myself. :hi:

The net loss is said to be 124B after purchasing nearly 400B in assets? And, I don't recall $20 for a loaf of bread?

In the end, the S&L cleanup cost American taxpayers an estimated $124 billion. The RTC ceased operation in 1996. Despite the price tag of the thrift bailout, many believe the RTC successfully averted even worse consequences and higher costs.

http://www.latimes.com/business/investing/la-fi-rtc19-2008sep19,0,4573830.story

[Just Visiting]

92. Trick of the pen

Itemized on-paper losses were presented as 125-150B.

Actual losses were purported (by those in the industry at the time) to be much higher - works the same way as actual vs. paper losses on a balance sheet - only inversely. :)

The "many" who believe it are the same ones who want you to as well. Much better when it comes round again if the bloom is ON the rose. :)

P.S. Think Japanese yen when you bite into that slice of rye.

[mzmolly]

96. I'll bet you ten yen

that bread will not go to $20 a loaf. ;)

[Just Visiting]

97. What's my time frame?

If I win, can we use chopsticks?

If I lose, do I have to? :)

[mzmolly]

98. Three years.

No checks drawn on foreign banks.

[Just Visiting]

102. That could be difficult

I may be knee deep in Euros by then.

[mzmolly]

114. I'll accept

gold.

[Just Visiting]

118. I'd only own that if I was fearful of worthless currency

You know, like U.S. dollars. :)

If I'm still in this country that would work.

Otherwise we'll have to go for a "stable" currency.

Hey, did you notice that I'm not asking you how you'll pay?

I figure you'll have enough money problems by then anyway. :)

P.S. Bread is already $5+ a loaf now, you know. :)

[mzmolly]

143. Bread where I live is $2.98.

As for waiting for me to have money problems, too late! :hi:

[Name removed]

90. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Just Visiting]

101. Economics are party neutral

My intentions are to try and make people aware of the insanity and utter uselessness of this giveaway.

Losing your livelihood transcends political purity.

I am sorry you can not see that, since for you it is a matter of scoreboard watching.

If "they" continue with this giveaway and do nothing to address the underlying debt which is the main cause then everyone regarding of who they cheer for is in deep deep trouble. It matters little to me who I chastise in a case like this.

I choose to try and make folks aware - you choose to mock and act the fool.

One of us is right.

[RichardRay]

122. Economics is a baseball game in which each player

on each team has his or her own ball and keeps throwing it into the game whenever they feel like it.

If you'd like to make a cogent economic argument complete with references for any claims of fact I pretty much gurantee that I can make an equally cogent arguement with equally respected references that completely refutes yours.

Wanna play?

[Just Visiting]

132. Towards what end?

I've been around this stuff for quite awhile, and I know what I've seen.

Perhaps you've been around as well.

My ace in the hole is that I no longer play in those circles, and hence it is much easier to critique the game when you have no vested interest in winning for your own sake.

If you'd like to play "dueling economist says" then I think you'd be better off with someone else, because (sadly for you, I guess) I find little value in conventional wisdom (even though I used to take it to bed with me), and although I like watching the marbles roll around I do so more for the (smug?)knowledge that I know they are going to fall off the table while everyone else is predicting who gets what.

Sorry to rain on your efforts here - but if you'd like to state a premise or two I might look in. Truth be told this particular website is not really my cup of tea, as I am miles to the left of anyone here and the blinders that many wear are a bit disconcerting.

[Whisp]

71. I didn't know what to think of all this mess...I'll trust Obama on this one...

as he is consistent in his wisdom. I like the conditions he sets, they make good sense.

[debbierlus]

80. This is really sad. The fact that Obama thinks this travesty should not be scrapped

And, a real plan to address the credit crunch and benefit the American people...

It is a deep disappointment. He is exposing himself to what he is going to be as President, a corporately owned front man with better social policies.

This bailout SUCKS. Sorry, it is a theft. It won't solve the problem.

[scheming daemons]

89. Wow.... and others see it as a Presidential moment... FDR-like

Guess you can go vote for someone else now who passes your personal purity test.

[defendandprotect]

113. Agree--

[Just Visiting]

81. Rubbish

If the credit crisis is paramount and 700B will make all things well then why did the 630B liquidity that was interjected into the economy (on a worldwide scale, no less) do NOTHING to alleviate it?

The problem is not credit, the problem is debt. Nobody wants to lend to folks up to their eyeballs in hock, and if you think that 700B (more like 3 trillion when all is said and done) is going back into the lending pool then you have a lot of homework to do.

It will go overseas, it will go into tangible assets, it will quite probably go into the commodities markets (get ready for food price spikes like you won't believe), but there ain't no chance in hell it is chasing after debt burdened borrowers.

The companies who are being "saved" have one duty and one duty only - make money and bring up the share price. They'll go wherever they need to to do it, and it is most assuredly NOT back into the pool of grade F borrowers.

[Name removed]

83. Deleted message

Message removed by moderator. Click here to review the message board rules.

[defendandprotect]

130. These companies have to be broken up -- tariffs raised--

slam doors on those who left --

nationalize oil industry ---

get electric cars on roads --

nationalize banks & restructure system -- re-regulate --

Here it is ... either we nationlize banks, natural resources or corps will

privatize our government --

[chupacabranation]

84. GREAT post, great highlights. Millenarians on this board, please get thee some knowledge. n/t

[DCBob]

91. Wow. This guy never ceases to amaze me.

The is the best explanation of this issue and why we need to something now and why it might just work out if we do it right.

[JimWis]

93. Outstanding speech - I hope it is televised somewhere that the

uninformed voter gets to see it and compare it to some BS that John McSame will mumble. Thanks for the post.

[apocalypsehow]

99. I didn't really know enough about the issue to have an informed opinion - this OP really helps.

Thank you for posting it; though I'm still not 100% sure where I stand, it helps me grasp what's at stake a little better. :thumbsup:

[Odin2005]

103. An excellent speech.

Not that the lunatics preaching for collapse will care, they'll just accuse him of being a "corporate Democrat." :eyes:

[Ozma]

105. Obama "gets it" so many other people here and at freeperland DON'T get it!

What is wrong with the brains that are not as open-minded, prejudice free, analytical, and well mannered as Obama's?

I'm sorry, but if you never graduated from college with a minor in economics, never had any idea about how capital markets work, your posts here and meaningless.

Investing 700 Billion ( or probably less, probably half that in the end), in our future, how much do you all hate America that you want us all to fail, go into severe worldwide depression, just so that YOU keep your devalued dollars under your mattress?

[amandabeech]

119. Neither Krugman nor junior Galbraith give more than tepid support

to this bill.

What is needed is a recapitalization plan for banks big and small, giving the least exposure to the taxpayer. This isn't it.

Obama's problem is that his economic advisers are so tied to the Wall Street mentality that they can't think any other way.

Obama's personal knowledge on this topic is about as deep as Clinton's was, and look at the problems he left us.

The $250,000 limit on FDIC insured accounts is not much lipstick to cover this pig.

Obama needs change and new thinking here, and what he's getting is warmed over Clintonomics.

I used to practice corporate and securities law and I used to represent small banks. And yes, I've read the whole thing.

[milkyway]

106. Bush seems uninterested in being president, so can't we just make Obama the president tomorrow?

[Major Hogwash]

110. All this proves is that Obama is a politician.

That's all.

[Coexist]

115. K & R!

[depakid]

117. Whatever doubts I had about Obama's leadership have been quashed in one fell swoop

He may not be able to deliver on all of those hefty promises, but he'll definitely be moving America in a positive direction- and it's time people- ESPECIALLY our Democratic representatives, to start listening to him. Now.

[anigbrowl]

151. I was already very sure about him

But I must say it's quite heartening to see some of my own analogies show up in his speech (more becuase they're obvious and sensible than brilliantly original). If I was in his inner circle, this is pretty much the speech I'd have handed in.

[moodforaday]

120. I'll get drawn and quartered for saying this but

First, I said we needed an independent board to provide oversight and accountability for how and where this money is spent at every step of the way.

Second, I said that we cannot help banks on Wall Street without helping the millions of innocent homeowners who are struggling to stay in their homes. They deserve a plan too.

Third, I said that I would not allow this plan to become a welfare program for the Wall Street executives whose greed and irresponsibility got us into this mess.

And finally, I said that if American taxpayers are financing this solution, then you should be treated like investors – you should get every penny of your tax dollars back once this economy recovers.

That's fine, but these are WORDS. Everyone praising this speech is praising slick WORDS. Because none of the four things Obama listed were actually in the friggin' bill. You are again asked to believe words, when facts contradict them.

I have other problems with the speech, but this really stands out. "I said this", "I said that" - well good, now where were these rock-solid constraints and assurances?

Don't mind me, I'm only one of those Europeans who hopes with all his heart that Obama is the next US President. But I have no leaders to unconditionally support.

[amandabeech]

127. The progressive parts of he bill do not contain mandatory language.

Your first language may not be English, but your English reading comprehension is obviously better than a lot of native English speakers on this board.

Mushy words don't get you anywhere, especially when you're trying to enforce the language in court.

[defendandprotect]

131. Right..but we're not supposed to notice that --!!!

[amandabeech]

135. To paraphrase Bush the Elder, "Smoke and mirrors."

And idol worship.

[mhatrw]

133. Sorry, Obama. It's still a shitty plan.

Here is just one far better plan:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4136244

[merkins]

136. this is a strange thread

Its like a little cabal has pronounced this speech as correct & unassailable, and anyone who would want to debate or disagree the issue is subjected to name calling and worse. This is quite a complex issue and the facts and remedy need to be discussed, debated and worked out with due diligence. What was the name of that thread at the top of the Greatest Discussion Threads the other day? Oh yeah, it was: "Slow The Fuck Down".

[lostnotforgotten]

137. What I See Here Is A Lot Of People Clinging To Obama's Every Word

As if that will justify their belief that the bailout was necessary.

I have to say that I have never witnessed such lemming like behavior from supposedly well educated Democrats in my life.

To think that anyone would blithely hand over 700B to the likes of any one connected to Bush without so much as a hearing just boggles my imagination.

[whosinpower]

139. trust is a gift given carefully

At the end of the day - Obama is just a politician.

[anigbrowl]

152. It hasn't occurred to you

that we might have reached these conclusions independently before now and are happy to see Obama give voice to our own thoughts.

[whosinpower]

138. Well - he is eloquent

And he is correct in that this moment in time is historical - and generations will look at this point in time as pivotal. All the more reason to get it right. Not in a kinda, sorta, maybe it will work sort of way. I think the current bailout bill was a piece of crap.

He can support it - he has every right to. But you don't have to. You can be independant and think for yourselves.

I am dissappointed that the democrats did not come up with something more........inspiring than this bailout/rescue. Something trully groundbreaking. Something so earthshatteringly brilliant that his eloquence will be matched by the wisdom of the bill.

The banks don't need a bailout. The banks need an intervention - because they cannot help themselves anymore. They lack the moral fiber to do what is right for the nation. You, as Americans have a duty to keep the fire to Congress's feet.

[defendandprotect]

140. Compared to Bush -- yes ...........to FDR -- not so much ...

[Naturyl]

142. It's a good speech and Obama is a good man....

But sorry, I'm sticking with Kucinich, Sanders, and Michael Moore on this one.

The bailout bill was rubbish. Show me a better bill and I might get on board.

[Cleetus]

144. I dunno..

I'm diehard for Obama, so don't flame me, but I just don't know.

The urgency of it. The lack of details. The drama. It's just like the patriot act, it's just like when we invaded Iraq. We were rushed into it under a false sense of urgency. All I know is we're all still here. The markets are still here, and have rebounded substantially. Thank God it's an election year and Congressmen are worried about reelection or this thing would have passed.

Paulson scared the shit out of everyone. I'll stick with Bernie and Dennis, as I always have.

[dapper]

145. Just Say NO!

Sorry, out of all the things I have agreed with Obama on, this is the one sticking point.

As taxpayers, we cannot afford two wars and a bail out. As Taxpayers, if we get into a credit crunch, we are expected to be fiscally responsible for getting ourselves out of it. There are no golden powerchutes for you and me.

Stock Markets go up and down. If you currently have your money in the stock market, you might be feeling a crunch. I have always invested knowing that when the market is high, you sell. When the market is low, you buy... or hold. There are risks associated with investing and this is one of them.

There are many people and voters from both the Democratic Party and Republican Party who do not want to bail out the banks. We are not arguing about poltics right now but we agree that this bill cannot pass. It especially cannot pass the way it is currently written. it cannot pass by adding tax cuts which will come from???? where?? You will end up getting taxed somewhere else for this tax cut.

FDIC Insurance... where do you think it comes from? Banks pay a certain amount of money towards it. If the FDIC is short, they will charge banks additional fee's which the bank will gladfully charge you additional fee's for. If all else fails, the FDIC can get the money from the treasury... which in turn, comes out of your pockets.

I'm not saying that I am right and that you are wrong... but how many times have situations like this worked to YOUR advantage? It is not to your advantage, it is to the banks advantage, it is to big businesses advantage and no matter what they say, there will always be a golden parachute waiting for the next executive.

I know it could be painful to you and I but either way, we are screwed. Until we "Just Say NO!" or Government is going to step all over us. I respectfully disagree with Obama on this one and unfortunately, I think McCain only has to gain from this current bill being passed tomorrow. But that remains to be seen.

Sorry guys, I can't support it.

Dap

[grasswire]

146. that's not what Dennis Kucinich said.

Sorry. As much as I like Obama, I trust Kucinich to tell us the truth about everything.

[depakid]

148. Kick

:dem:

[CarbonDate]

153. Yes, Wall Street is holding a gun to our heads.

So I guess we give them our wallets, don't we?

The Paulson plan is a pig, no matter how much lipstick the Dems try to put on it. For $700 billion, I'm thinking we can come up with something a lot more sweeping and a lot more ambitious. So why are we letting Bush and Paulson dictate the terms of this? We control Congress; we should devise the plan and let Bush sign or veto it, not the other way around.

[judasdisney]

154. The Bailout Is Bullshit

OBAMA voted for the bailout that DID NOT HAVE

1. The bailout bill had NO enforcement provisions for the so-called oversight group that was going to monitor Wall Street's spending of the $700 billion;

2. It had NO penalties, fines or imprisonment for any executive who might steal any of the people's money;

3. It did NOTHING to force banks and lenders to rewrite people's mortgages to avoid foreclosures -- this bill would not have stopped ONE foreclosure!;

4. It had NO teeth anywhere in the entire piece of legislation, using words like "suggested" when referring to the government being paid back for the bailout;

5. Over 200 economists wrote to Congress and said this bill might actually WORSEN the "financial crisis" and cause even MORE of a meltdown.

How can I trust Obama when he's playing the same old triangulation games?

THE BAILOUT IS BULLSHIT.

Restore Glass-Stagall. Repeal Gramm-Leach-Bliley.

RESTORE THE NEW DEAL SAFEGUARDS THAT WERE REPEALED TO GIVE US THIS CRISIS.

Repeal Gramm-Leach-Bliley -- Restore Glass-Steagall.

[OneBlueSky]

156. with a capital "B" . . . throwing good money after bad . . .

is not the way to solve the problem . . . at best this will give the financial markets a brief reprieve -- while adding another $700 billion to the U.S. debt burden . . .

the way to get a drunk to stop drinking is not to give him more booze . . . if you don't cut him off, he'll go right back to his old habits, and end up worse off than when he started . . .

on edit: this is NOT to say that some action isn't needed . . . but I've seen any number of plans that make far more sense than what has been proposed . . . Congress is just too lazy and/or too beholden to their financial backers to take the kind of drastic action that is needed to truly address the problem . . .

[mirrera]

160. Lost me at "If excecuted the right way"... what about Bernenke and the $630 Billion?

What does that mean? This administration does nothing right. Never has, never will.